I would like to know if we can cancel the MOU on Rs 100 stamp paper which has the details of the payment schedule. The papers has been sent to CIDCO for part registration and around 20L has been paid by the purchaser as per the payment schedule mentioned in the MOU. However, there are issues going on in my family and now my parents are considering NOT to sell the flat.
Can the MOU be cancelled now? Do we need to pay any penalty?